Publiclisting.in Insights
Navigating the IPO Market: A Deep Dive into Marushika Technology’s SME Offering
The Initial Public Offering (IPO) landscape is constantly evolving, bringing new opportunities for investors. The SME segment, in particular, often presents high-growth potential for companies stepping into the public domain. Today, we analyze the upcoming Marushika Technology IPO, a book-building issue hitting the NSE SME platform. For those tracking fresh public listings, understanding the intricacies of such an offering—from business model to financial health—is crucial for making informed decisions.
Marushika Technology Limited operates at the core of modern infrastructure, specializing in the distribution and implementation of cutting-edge IT and telecom solutions. Their comprehensive service portfolio caters to diverse critical needs.
Core Business Verticals:
- IT & Telecom Infrastructure Solutions: Encompassing setup for Data Centers, Server & IP systems, advanced Videowall Displays, Power Solutions, and Active Networking components.
- Auto-Tech Solutions for Defence: Offering specialized services including repairs, refurbishments, and reverse engineering for control panels.
- Smart Solutions: Deploying contemporary technologies like access control, intelligent parking systems, smart lighting, and waste management utilities.
The company predominantly follows a robust Business-to-Business (B2B) and Business-to-Government (B2G) model, serving major entities such as Bharat Electronic Limited (BEL), Central Electronic Limited (CEL), Delhi Metro Rail Corporation (DMRC), and the National Security Guard (NSG). As of mid-2025, the company boasted an impressive ongoing project pipeline valued at over ₹2,835.42 Lakhs, following the successful completion of more than 150 projects.
This offering is structured as a book-building issue on the NSE SME exchange, aiming to raise capital primarily through a fresh issuance of shares. Here are the headline figures prospective investors need to note:
| Metric | Detail |
|---|---|
| Issue Type | Bookbuilding IPO |
| Total Issue Size (Agg.) | ₹27 Crores (23.05 Lakh Shares) |
| Listing Venue | NSE SME |
| Price Band | ₹111 to ₹117 per Share |
| Face Value | ₹10 per Share |
IPO Timeline at a Glance (Tentative Schedule)
Tracking the dates is essential for timely application and allotment monitoring. We use a visual aid to represent the critical milestones:
Investors must plan their bids within the subscription window, which runs from Thursday, February 12, 2026, to Monday, February 16, 2026.
Investment Lot Size Breakdown
Investment decisions for SME IPOs often hinge on lot sizes. For retail participation, the minimum application involves two lots.
| Investor Category | Minimum Lots | Shares Required | Minimum Investment (at Upper Price) |
|---|---|---|---|
| Individual Retail Investor (Min) | 2 | 2,400 | ₹2,80,800 |
| S-HNI (Small HNI) | 3 | 3,600 | ₹4,21,200 |
| B-HNI (Big HNI) | 8 | 9,600 | ₹11,23,200 |
Note: The lot size for this offering is fixed at 1,200 shares.
The total issue size is distributed across various investor segments. A significant portion is earmarked for Qualified Institutional Buyers (QIBs), including Anchor Investors.
| Investor Category | Shares Offered | Percentage Allocation |
|---|---|---|
| QIB (Excluding Anchor) | 4,35,600 | 18.90% |
| Anchor Investors | 6,51,600 | 28.27% |
| NII (Non-Institutional Investors) | 3,31,200 | 14.37% |
| Retail Individual Investors (RII) | 7,70,400 | 33.42% |
| Market Maker Reserve | 1,16,400 | 5.05% |
Examining the restated consolidated financials helps gauge the company’s trajectory leading up to the IPO.
Performance Indicators (Amount in ₹ Crore)
| Financial Metric | Sep 30, 2025 | Mar 31, 2025 | Mar 31, 2024 |
|---|---|---|---|
| Total Assets | 62.68 | 53.94 | 48.37 |
| Total Income | 48.71 | 85.63 | 60.83 |
| Profit After Tax (PAT) | 3.14 | 6.29 | 3.14 |
| Total Borrowing | 18.92 | 21.37 | 19.64 |
Key Efficiency Ratios (KPIs)
| Ratio | Sep 30, 2025 | Mar 31, 2025 |
|---|---|---|
| Return on Equity (ROE) | 18.52% | 52.77% |
| Return on Capital Employed (ROCE) | 13.89% | 26.88% |
| Debt/Equity Ratio | 1.02 | 1.39 |
| PAT Margin | 6.45% | 7.37% |
The pre-IPO and post-IPO valuation metrics suggest a re-rating post-listing, largely influenced by the use of recent interim earnings for calculation.
| Valuation Metric | Pre-IPO | Post-IPO |
|---|---|---|
| Earnings Per Share (EPS) | ₹10.09 | ₹7.35 |
| Price/Earnings (P/E Ratio) | 11.61x | 15.91x |
| Market Capitalization | ₹99.88 Cr. | |
The company is promoted by Ms. Monicca Agarwaal, Mr. Jai Prakash Pandey, and Ms. Sonika Aggarwal. Their holding structure shows a planned reduction post-issue:
- Promoter Holding Pre-Issue: 79.71%
- Promoter Holding Post-Issue: 58.19%
IPO Proceeds Utilization Plan
The company aims to utilize the net proceeds primarily to strengthen its balance sheet and support ongoing business needs:
- Funding Working Capital: ₹14.68 Crore (Largest allocation)
- Debt Reduction: Partial repayment/prepayment of borrowings amounting to ₹5.00 Crore.
- General Corporate Purposes: Remaining funds.
To assess the investment profile comprehensively, it is useful to consider the internal and external factors impacting Marushika Technology:
Strengths (Internal Positives)
- Diverse technology solutions reducing dependency on a single segment.
- Strong, multi-year relationships with key government and institutional clients (B2B/B2G focus).
- Established track record of project execution and growth in assets/reserves.
Weaknesses (Internal Concerns)
- Reliance on borrowings, as indicated by the Debt/Equity ratio exceeding 1.0 in recent periods.
- Fluctuations in profitability ratios like ROE/ROCE across reporting periods.
Opportunities (External Potential)
- The rising demand for digital transformation, data centers, and cybersecurity across Indian sectors.
- Expansion opportunities within the defense and public sector for specialized Auto-Tech solutions.
Threats (External Risks)
- Intense competition within the highly specialized IT infrastructure sector.
- Potential macroeconomic slowdowns affecting client capital expenditure on large IT projects.
The successful execution of the IPO relies on experienced partners:
- Book Running Lead Manager (BRLM): NEXGEN Financial Solutions Pvt. Ltd.
- Registrar to the Issue (RTI): Skyline Financial Services Pvt.Ltd. (Contact: 022-28511022, ipo@skylinerta.com)
- Market Maker: Nikunj Stock Brokers Ltd. (Ensures liquidity post-listing on NSE SME).
Navigating the application process can sometimes raise immediate queries. Here are answers to common questions:
- What is the primary segment for this listing?
Marushika Technology is listing on the NSE SME platform, focusing on smaller and medium-sized enterprises.
- What is the minimum application requirement?
Retail investors must apply for a minimum of 2 lots, totaling 2,400 shares, requiring an investment of ₹2,80,800 at the upper band price.
- What payment methods are accepted for applying?
Applications can be submitted online using either the ASBA facility (via bank net banking) or directly through a broker using UPI mandate authorization.
- When can I expect the allotment confirmation?
The tentative allotment date for the IPO is Tuesday, February 17, 2026. Shares are expected to be credited shortly thereafter.
The Marushika Technology IPO presents an entry point into a technology distribution and solutions firm heavily vested in the B2B and B2G spaces. The company demonstrates solid operational activity, evident in its robust project pipeline and steady growth in assets. While the SME segment inherently carries higher risk compared to Mainboard listings, the objectives for the IPO funds—primarily working capital support and debt moderation—suggest a move towards stabilizing the financial structure for future expansion. Thorough due diligence, especially concerning industry competitiveness and the valuation based on the latest reported earnings, remains paramount for any potential investor considering participation in this offering.
— End of Analysis —